Insights: Financials

Private Investments/Retail

The Trump administration has begun to express openness to providing more access to private investments, as it did in President Trump’s first term. This is reflected in the SEC’s recently revised policy on how much closed-end funds can invest in private funds, as well as comments from Daniel Aronowitz, Trump’s nominee to be head of the Employee...

Stablecoins/Crypto Market Structure

The House has scheduled a vote in the Rules Committee for this coming Monday, 7/14 to begin the process of considering the Senate-passed stablecoin bill (the GENIUS Act) and separately, crypto market structure legislation. After having recently passed stablecoin legislation, the Senate is intensifying its work on a market structure bill, with a...

Financials, Healthcare, Macro, Tech / Media / Telecom

Reconciliation and Recissions

Speaker Johnson (R-LA), House Budget Committee Chair Arrington (R-TX), and Senate Finance Committee Chair Crapo (R-ID) have all confirmed their intent to enact another two reconciliation bills prior to the next election, with the first coming this fall. As I previously noted, Speaker Johnson, Rep. Roy (R-TX), and Sen. Johnson (R-WI) had already...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Senate Republicans yesterday overcame the first procedural hurdle in passing the reconciliation bill and are planning for a Monday vote on final passage, though numerous of them continue to have reservations. House Majority Leader Scalise (R-LA) has indicated a House vote on the bill could take place by Tuesday or Wednesday, though a significant...

The Senate yesterday passed stablecoin legislation on a 68-30 vote, with the support of 18 Democrats. The House Financial Services Committee (HFSC) has passed both a stablecoin and broader crypto market structure bill in recent weeks. The House Agriculture Committee also passed the market structure bill. HFSC Chair Hill (R-AR) has to-date...

Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Senate Republican negotiations on changes to the House-passed reconciliation bill are intensifying. It appears that changes under consideration in the Senate increase the deficit by ~$600-700b beyond the House-passed bill’s $2.4t deficit impact, though there is consideration of adding provisions to try to close that gap. House conservatives are...